What to Keep in Mind when Buying an Old House

House under renovation

House under renovationOld houses and other real estate properties have their own distinct charm. However, they also bring with them a couple of issues that buyers need to look out for. Like in any other investment, it pays to do your research if you’re planning to buy a nifty yet affordable piece of history.

Investment value

An old wreck may gain you more profit than a property in an excellent condition. Though it may take longer and you’ll have to shell out money to hire a professional and renovate it, you’ll be adding more value to it as compared to something in a reasonable condition.

Insulation

Insulation is one of the basic things that are often taken for granted, especially when buying an old property. Insulation in old houses is different from new house insulation, so you have to inspect its current state. Finding out whether the property uses external insulation or dry lining will help you decide on what course of action to take. Remember that a carefully executed insulation helps reduce utility bills, provides comfort during extreme weather conditions, and makes the house lasts longer.

Electrical works

Rewiring can be expensive. That’s why most old houses still have their outdated wiring systems, which could be hazardous. Such electrical systems can’t keep up with modern usage, so make sure that it can sustain your needs if your lifestyle uses a variety of electronics. Look out for knob and tube wiring, as they cannot meet today’s electrical demands.

Foundations and structural conditions

Even the most solidly built house can’t weather time and can form cracks or unevenness. Everything on the house sits on the foundation, so you have to keep an eye out for any cracked, leaning, sunken or damaged parts.

Plumbing

Corroded pipes not only results in weak water flow but also leaks, which are the main reason for the presence of mould. Mould remediation can be expensive, so check for any leaks or update your pipes if necessary.

Purchasing an older property can be a great investment especially for first-time buyers, just make sure that you do your due diligence before signing a contract with your realtor.